Changes to student loan programs could bring millions closer to getting out of debt, Education Department says

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The Education Department announced fixes on Tuesday to multiple student loan programs

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Giving thousands of borrowers immediate relief from student loan debt and bringing millions more years closer to having their

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Student loans forgiven. It comes as the Biden administration continues to examine canceling student loan debt for millions of Americans.

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The changes are being made to the Public Service Loan Forgiveness programs and the Income-Driven Repayment plans. [{ "selector": ".cgqos-a", "duration": "500ms", "fill": "forwards", "delay": "500ms", "keyframes": [ {"offset": 0, "transform": "translateX(-319px) rotate(-580deg)", "opacity": 1}, {"offset": 1, "transform": "translateX(0) rotate(0deg)", "opacity": 1} ] }]

According to the Education Department, the fixes will give 40,000 borrowers immediate forgiveness and bring at least

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3.6 million borrowers closer to relief by at least three years through income-driven repayments.

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Student loans were never meant to be a life sentence, but it's certainly felt that way for borrowers locked out of debt relief

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They're eligible for," said Education Secretary Miguel Cardona in a statement. He said the move begins to

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Remedy years of administrative failures" and the actions demonstrate the administration's commitment to delivering

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Meaningful debt relief and ensuring federal student loan programs are administered fairly and effectively.

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A Federal Student Aid office review found some servicers had been placing borrowers facing financial difficulties into

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Forbearance in violation of regulations requiring borrowers get clear, accurate information about their [{ "selector": ".sdtsk-a", "duration": "500ms", "fill": "forwards", "delay": "500ms", "keyframes": [ {"offset": 0, "transform": "translateX(-304px) scale(0.15)", "opacity": 1}, {"offset": 1, "transform": "translateX(0) scale(1)", "opacity": 1} ] }]

Options to stay out of delinquency. The efforts announced Tuesday come as the Biden administration has already canceled [{ "selector": ".zefmg-a", "duration": "500ms", "fill": "forwards", "delay": "500ms", "keyframes": [ {"offset": 0, "transform": "translateX(-309px) scale(0.15)", "opacity": 1}, {"offset": 1, "transform": "translateX(0) scale(1)", "opacity": 1} ] }]

More than $17 billion in debt for some 725,000 borrowers since President Biden took office. [{ "selector": ".boofx-a", "duration": "500ms", "fill": "forwards", "delay": "500ms", "keyframes": [ {"offset": 0, "transform": "translateX(-311px) scale(0.15)", "opacity": 1}, {"offset": 1, "transform": "translateX(0) scale(1)", "opacity": 1} ] }]

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